Aviva Plc, the second-largest insurer in the U.K., said it may cut as many as 800 jobs in the country as Chairman John McFarlane scales back operations to guard capital.

“The vast majority of our employees will be placed into roles with little change” as part of the reorganization, Andrew Reid, a spokesman for the London-based insurer, said today in an e-mailed statement. “Up to 800 roles could be at risk, although in practice it will be fewer than this because of natural turnover” and the redeployment of some staff into new roles, the company said. The cuts were previously reported by the Telegraph.